The Unrealistic Expectations Of Some Home Buyers
Home buyers, particularly first time home buyers, often have very unrealistic expectations of both the processes, and the home they are about to buy. Buying a home is not like renting a home, and it’s certainly not like buying a pair of shoes. Buying a home actually involves a lot of complex legal processes, most of which happens behind the scenes, away from the view of most buyers.
A good example is the process of ensuring the properties’ titles are all correct. As a buyer, all you need to know is that the title is correct and everything is as it should be. The actual work behind the scenes can be quite involved and can include searching local government records all the way back to the homes first owners. At the end of the day, declaring the title valid is a legal declaration – and one that can be costly to owners if the process has not been undertaken correctly.
The unrealistic expectations often shine through when it comes to time. Title searches do take time. Home inspections take time, as do home appraisals. While you may have 45 days to wait until settlement, behind the scenes, it’s a very busy 45 days and it takes the experienced coordination skills of real estate agent to ensure that everything does come together for that settlement day. It’s often surprising to see home buyers dragging their feet when it comes to the work needed on their part, while at the same time questioning why, for example, that title search is taking so long.
Buying a home is a complex legal process. It involves a lot of money, much of it often borrowed, and is a process that can be stalled at many points, often because of the buyers own actions. If you are in the market to buy a home, and you’re a first time home buyer, lower your expectations when it comes to having everything completed ‘yesterday’. The home buying process has a number of steps that must be completed, and these all take time. You will get to settlement, so long as you do your part in a timely fashion. If you engage a real estate agent to represent your interests, be guided by them. They will coordinate everything to a happy settlement day – including you if necessary.
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September 26th, 2011 at 3:47 am
Unrealistic or over enthusiastic, I think people tend to be a little too optimistic about things, until reality begins to set home. Things are rarely ever has good as they appear.